You worked hard to build a business, buy property, or grow savings in Florida. As you grow older, you may start to worry about what happens to everything if something happens to you.
Many people assume a will solves that problem. However, a will does not always give your family the privacy, control, or speed they need. That is why more Florida business owners consider creating a trust fund as part of a smart estate plan.
A trust can help you protect what you’ve built and reduce stress for the people you care about.
What Is a Trust Fund?
A trust is a legal arrangement in which you place assets under the control of a trustee for the benefit of a beneficiary. The trustee must follow the instructions you put in the trust document. People often say “trust fund” to refer to the assets held in the trust, such as money, real estate, or business interests.
Florida law recognizes and regulates trusts under the Florida Trust Code.
Why Do Florida Business Owners Create Trusts?
Florida business owners often create trusts to protect what they’ve built and ensure it passes smoothly to the people they choose. A trust can give you more control than a will. When a business is part of your estate, a trust can reduce confusion, delays, and family conflict, especially if the owner becomes seriously ill or passes away unexpectedly.
Benefits of a trust may include:
- Avoiding probate for certain assets can save time, keep personal matters more private, and help family members access assets sooner;
- Providing business continuity by outlining who can manage or control business assets if you become incapacitated;
- Giving you more control over when and how beneficiaries receive money or ownership interests;
- Reducing the risk of disputes by putting clear instructions in writing; and
- Coordinating assets, both business and personal, under one plan.
The goal is to create a plan that helps protect your business and family when it matters most.
Advantages of a Trust for Business Succession Planning
Business succession means planning who will run your business and who will benefit from it when you step away.
Some key advantages of a trust specific to succession planning include:
- Clear decision-making. A trust can name the person who manages business assets if you cannot, helping to reduce confusion when quick decisions matter.
- Smoother transfer of ownership. A trust can outline how ownership interests transfer to family members or other beneficiaries, preventing disputes later.
- Protection for beneficiaries. A trust can limit access to business funds until a beneficiary reaches a certain age or meets specific conditions.
Without a plan, your family or business partners may face delays, conflict, or court involvement at the worst possible time.
What Is the Difference Between a Living Trust and an Irrevocable Trust?
Many Florida estate plans use either a living trust or an irrevocable trust. The basic difference comes down to control and flexibility.
- Living or revocable trust. You create it while you are alive, and you can often change it later. Many people use living trusts to avoid probate and manage assets during incapacity.
- Irrevocable trust. You usually cannot change it easily after creating it. Some people use irrevocable trusts for stronger asset protection or tax planning.
The right choice depends on what you own, who depends on your business, and how much flexibility you want in your plan.
When Does a Trust Work Better Than a Will?
A will is still a critical part of many Florida estate plans. However, it generally only takes effect after death. Trusts can be a better option when you want a plan that also works during your lifetime. This is especially important if you become incapacitated or want to avoid probate delays.
The benefits of a trust may be useful if you:
- Own a business with partners, employees, or ongoing contracts;
- Own real estate in Florida or in more than one state;
- Want to protect a child or loved one from receiving a large inheritance too young; or
- Want to plan for incapacity without involving the court.
In many cases, a trust gives you more protection and control than a will alone can provide.
Many people use a trust and a will together. The trust helps manage and transfer assets smoothly. The will serves as a backup for anything not in the trust and can name guardians for minor children.
Common Mistakes People Make When Creating a Trust
A trust only works if it is correctly set up and funded. Your assets must be transferred into the trust and aligned with the rest of your estate plan.
Some common mistakes include:
- Creating the trust but not funding it, so key assets never get transferred into the trust;
- Choosing the wrong trustee or failing to name a reliable backup trustee;
- Not coordinating the trust with business documents, like operating agreements or succession plans; and
- Forgetting to update beneficiary designations, which can override what the trust says.
Working with an estate planning lawyer can help you avoid these issues. They can help ensure your trust meets all legal requirements and aligns with your goals.
Talk to BrewerLong About Creating a Trust Fund
If you’re considering creating a trust fund or want to understand what type to use, BrewerLong can help. Our team can explain your options, help you choose the right trust strategy, and build a comprehensive plan that supports your business, family, and future.
BrewerLong was founded in 2008 by Michael Long and Trevor Brewer with a focus on clear communication, honest guidance, and long-term client relationships. We have spent years helping Florida clients make confident decisions during major life and business transitions.
We take a practical approach that accounts for what you own today, what you want to protect, and how you want your plan to work in real life—not just on paper.
Contact BrewerLong today to start creating a trust and estate plan tailored to your needs.
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